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July 29, 2009

Million Dollar Deals Dead in Red Hook

Three years ago, a new high-water mark was set in Red Hook when the first house in the neighborhood sold for more than $1 million. In the years that followed, a number of other houses in the Brooklyn neighborhood traded in the seven figures, making the largely industrial area one of the boom era's most unlikely Cinderella stories. Nowadays, however, brokers say sales of homes priced at more than $1 million are generally not in the cards in Red Hook. — The Real Deal




Posted by Brownstoner at 10:14 AM | Comments (16)
Categories: Market, Red Hook

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and... I would agree!

Posted by: gemini10 at July 29, 2009 10:25 AM

link?

Posted by: the chicken at July 29, 2009 10:25 AM

"In the years that followed, a number of other houses in the Brooklyn neighborhood traded in the seven figures"--now that is pretty ambigous... 2 is a number, 500 is a number,
and seven figures is also 1,000,001 to 9,999,999.

Posted by: Petebklyn at July 29, 2009 10:28 AM

Red Hook is a Dump and the days of "Million Dollar" houses is coming to a end...

The What

Someday this war is gonna end...

Posted by: Return of The What at July 29, 2009 10:31 AM

Didn't Barbara Corcoran buy the 1st house for over 1mm?

Posted by: dirty_hipster at July 29, 2009 10:37 AM

http://therealdeal.com/newyork/articles/a-red-hook-redux

Posted by: Smudge at July 29, 2009 10:44 AM

barbara paid $1.075 for a commercial/storefront with 2 apt rentals above.

Posted by: Petebklyn at July 29, 2009 10:50 AM

http://curbed.com/archives/2007/11/15/live_from_red_hook_ladies_and_gentlemen_barbara_corcoran.php

Posted by: DitmasSnark at July 29, 2009 10:58 AM

Short version: http://bk.ly/d1

Posted by: DitmasSnark at July 29, 2009 11:19 AM

A "real estate tsunami" is a good thing, right? Unlike a tsunami tsunami?

Posted by: Nomi at July 29, 2009 11:28 AM

Yes, its like a tsunami of chocolate milk

Posted by: dittoburg at July 29, 2009 11:36 AM

"Cappi said that 20 years ago, "you wouldn't have even felt comfortable walking on Smith … after dark, but then the city repaved all the streets, you had pioneering young chefs open nice restaurants, and before you knew it restaurants and antique stores came on. And now, you actually have American Apparel."

Wow, American Apparel. Really high-end retail. Look out Madison Avenue.

Posted by: denton at July 29, 2009 4:15 PM

ugh, I hate comments like Cappi's. So over-exagerated and making it sound like all these restaurants made a bad neighborhood great. Perhaps 20 years ago you could to some degree say almost any street in NYC you wouldn't feel comfortable walking after dark. Crime has dropped dramatically all over the city - and not because of restaurants on Smith st. Was not a high or higher crime area ever (76 precinct was always one of the best).
It just wasn't a night spot location....but was thriving neighborhood shopping in the day for regular folk.

Posted by: Petebklyn at July 29, 2009 4:41 PM

I have NEVER understood the appeal of Red Hook. At least not for anyone with kids.

Posted by: Architerrorist at July 29, 2009 5:35 PM

Petebklyn, I think Cappi's comments were pretty accurate. 20 years ago (frankly, even 12 years ago) Smith St. was desolate for blocks and blocks at night. Not the case with Court Street, which had most of the shopping for "regular folk" and everyone I knew always walked along Court and avoided Smith as much as possible. Sure there were a few small stores on some blocks (between Union and 2nd was ok) but the strip from Sackett to Bergen seemed abandoned, especially at night. It's hard to exaggerate how much Smith St. has changed since then -- I try to describe it to people who lived in Carroll Gardens back then and moved away and I'm not sure they believe me. The change is clearly not all for the better (American Apparel?) but it is certainly dramatic. I'd say the same thing about Fifth Ave. in Park Slope as well.

Posted by: CGfan at July 29, 2009 10:22 PM

of all the corporations to deride, please leave american apparel alone. they do a lot of things right in their business model, as far as labor and manufacturing go, voluntarily, that a lot of other companies don't. even brooklyn industries can't say the same- they get their stuff manufactured in thailand which has arguably the worst conditions for the factory workers (of the big manufacturing countries). there is no good reason to be snooty about them.

Posted by: blowfish at July 30, 2009 10:11 AM

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